Cushman & Wakefield Reports Financial Results for Third Quarter 2024

CHICAGO--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) today reported financial results for the third quarter of 2024.

“This quarter marked an important turning point. We reported the highest quarter of global Leasing revenue growth and the first quarter of Americas Capital markets revenue growth since the second quarter of 2022. We also continued to generate strong free cash flow which facilitated the recent full repayment of our term loan due in 2025 well ahead of schedule,” said Michelle MacKay, Chief Executive Officer of Cushman & Wakefield. “The strategic work we have completed over the past year has created meaningful growth opportunities for our business and we are energized to deliver on these priorities in the years ahead.”

Third Quarter Results:

• Revenue of $2.3 billion for the third quarter of 2024 increased 3% from the third quarter of 2023.
  
  • Leasing grew 13% driven by industrial and office leasing in the Americas and APAC.
  • Valuation and other grew 8% driven by the Americas and EMEA.
  • Services and Capital markets declined 2% and 4%, respectively.
• Net income of $33.7 million for the third quarter of 2024 increased $67.6 million compared to net loss of $33.9 million for the third quarter of 2023. Diluted earnings per share was $0.14 for the quarter.
  
  • Adjusted EBITDA of $142.5 million decreased 5% from the third quarter of 2023, with Adjusted EBITDA margin of 8.7% declining 72 basis points from the third quarter of 2023.
  • Adjusted diluted earnings per share was $0.23 for the quarter.
• On August 1, 2024, we completed the sale of a non-core Services business in the Americas, which resulted in a loss on disposition of $4.5 million and $17.0 million during the three and nine months ended September 30, 2024, respectively.

Year-to-Date Results:

• Revenue of $6.8 billion for the nine months ended September 30, 2024 decreased 2% from the nine months ended September 30, 2023.
  
  • Strong Leasing growth of 7% was driven by broad strength across all segments, particularly the Americas.
  • Valuation and other grew 2% driven by the Americas and EMEA.
  • Services and Capital markets declined 2% and 7%, respectively.
• Net income of $18.4 million for the nine months ended September 30, 2024 increased $123.6 million compared to net loss of $105.2 million for the nine months ended September 30, 2023. Diluted earnings per share for the nine months ended September 30, 2024 was $0.08.
  
  • Adjusted EBITDA of $359.5 million increased 1% from the nine months ended September 30, 2023, with an Adjusted EBITDA margin of 7.6% unchanged from the same period in 2023.
  • Adjusted diluted earnings per share of $0.43 was up from $0.39 for the nine months ended September 30, 2023.
• Net cash provided by operating activities was $92.8 million for the nine months ended September 30, 2024.
  
  • Free cash flow generated for the nine months ended September 30, 2024 of $61.1 million was a $146.1 million improvement compared to a free cash flow use of $85.0 million in the nine months ended September 30, 2023.
• Liquidity as of September 30, 2024 was $1.9 billion, consisting of availability on the Company’s undrawn revolving credit facility of $1.1 billion and cash and cash equivalents of $0.8 billion.

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